| Summary: | 碩士 === 長庚大學 === 工商管理學系 === 99 === This study examines the relationship among intellectual capital, capital structure, ownership structure, and firm performance. We use Pooled Least Squares (OLS) multiple regressions analysis to examine the relationship among the related variables. The observations are the firms in 2004 to 2008 of R&D intensive industry in Taiwan. In order to consider firm performance in different aspects, the Tobin’s Q and stock return are two major performance variables in this study. Besides, in order to observe the relationship among performance, capital structure, and ownership structure of firms with various characteristics, this study classifies the observations with two methods, the rank of stock performance and the control type of firms.
Firstly, we discuss the relationship between performance and related variables in firms that are ranked in top 30% stock return, middle 40% stock return, and last 30% stock return. Next, we discuss the firms of family control type and firms of professional manager control type. We find that the intellectual capital, capital structure and ownership structure are significantly related to firm performance according to different firm characteristics. Moreover, we also find that the performance variable, Tobin’s Q, is more relevant to the independent variables than the other performance variable stock return does.
|
|---|
